Animoca Brands Participating in Hong Kong Monetary Authority Stablecoin Sandbox
Standard Chartered Bank (Hong Kong), Animoca Brands, and HKT are joining forces in the HKMA stablecoin sandbox, aiming to drive Hong Kong's digital asset market evolution.
The Deets
- Collaborative Vision: The coalition aims to grow a sustainable and transparent digital asset market.
- Zodia Custody Role: Zodia Custody will provide institutional digital asset custody.
- SCBHK's Involvement: SCBHK seeks to support the digital asset ecosystem and understand stablecoin market opportunities and risks.
- HKT's Exploration: HKT aims to explore stablecoins' potential for domestic and cross-border payments.
The Bulk
Standard Chartered Bank (Hong Kong) Limited ("SCBHK"), Animoca Brands, and HKT have partnered to participate in the Hong Kong Monetary Authority ("HKMA") stablecoin issuer sandbox announced in March. The coalition will leverage Zodia Custody’s digital asset custody capabilities, which is partly owned by Standard Chartered.
The coalition's goal is to create a sustainable and transparent digital asset market in Hong Kong. SCBHK, as a leading international bank, is keen to support the growing digital asset ecosystem and better understand the stablecoin market's opportunities and risks. This aligns with Animoca Brands' vision of driving digital asset mass adoption and applying blockchain-related technology solutions to real-world assets. HKT, a leader in technology, media, and telecommunications, will explore how stablecoins can support domestic and cross-border payments, benefiting consumers and merchants.
🎤 Founder Feedback
Animoca Brands is excited to partner with two of the most established and respected companies in Hong Kong to participate in the Sandbox. As a global Web3 ecosystem builder based in Hong Kong, we are excited about the mass adoption of digital assets via stablecoins issued under the HKMA’s proposed stablecoin issuer regime, and we are delighted to explore opportunities and new ways to innovate through the Sandbox.Evan Auyang, Group President, Animoca Brands
🔜 What's Next?
The coalition will continue to explore stablecoin applications within the sandbox, aiming to launch practical solutions that enhance the digital asset market and payment systems in Hong Kong.
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